Serica has reported substantial profits and increased Dividend and the SP falls!
We are doing very well here although my impatience has losing positions here (Some winning).
With over £300m cash and a market cap of £970m it looks a compelling debt free investment.
The SP reached over 420p recently and Jeffries raised their Broker target from 360p (was exceeded) to 600p.
With increased production and with the final payment to BP of £100m they now take 100% of revenue rather than 60%.
With Rhum producing this year to add to revenue and a Rig contracted for Niegg for Q3 it is possible that their cash position will be fantastic next year.
I have a target this year of 800p.
It is at a good entry point. History shows that after drops this share bounces hard.